'Rlfcr3 


**mJL*a&J 


"KliiLrTDarii** 


®f)e  Hibrarp 

of  tfje 

Umbersiitp  of  JgortJ)  Carolina 


tEfje  Cameron  Collection 

3n  Jflemorp  of 

pennefjan  Cameron 

September  9. 1854  =  3June  1, 1925 

trustee  of  t&e  Wltiibtxmtp  of  Jlottfj  Carolina 
1891=1925 


Rits>r2> 


8061  'iz  mr  IVd 
'A  'N  'asnDBiig 

\>U)   "SOJJI    pJOjVKi) 

japujg 
j3|qduiiBd 

^unoujoioqcf 


Th*  University  of  N.  C. 


MEMOEIAL 


OF  THE  RALEIGH  &  GASTON  RAIL  ROAD 
FOR  INCREASE  OF  CAPITAL  STOCK, 


Tb  the  Honorable,  the  General  Assembly 

of  the  State  of  North   Carolina  : 

The  memorial  of  the  President  and  Directors  of  the  Raleigh 
and  Gaston  Railroad  Company  respectfully  showeth — 

That  by  the  Charter  of  this  Road  granted  in  1352,  the  Cap- 
ital of  the  Company  was  paid  at  $800,000— $400,000  of  which 
was  m  the  Road  bed  and  fixtures  of  the  old  Raleigh  and 
Gaston  Railroad,  which  was  held  by  the  State  of  North  Caro- 
lina and  was  subscribed  by  her  at  that  price,  the  residue  was 
subscribed  by  individuals  and  paid  in  cash,  the  whole  of  which 
was  expended  in  the  re-construction  of  said  Road  and  purchase 
■of  rolling  stock,  besides  the  sum  of  one  hundred  thousand 
■dollars  raised  by  loan  on  the  bonds  of  the  Company",  payable 
in  ten  years  •;  that  in  the  Act  incorporating  the  North  Carolina 
Hailroad  Company,  passed  during  the  Session  of  1848-'49,  it 
was  provided  "■  that  whenever  the  Roanoke  Railroad  Company, 
or  the  Seaboard  and  Roanoke  Railroad  Company,  with  or 
without  the  aid  of  individuals,  shall  subscribe  to  the  Raleigh 
<and  Gaston  Railroad  Company  onedjalf  the  sum  necessary  to 
construct  a  Railroad  from  some  point  on  the  Raleigh  and 
Gaston  Railroad,  near  the  Littleton  Depot,  or  any  point  be- 
tween the  Depot  and  Roanoke  River  and  the  town  of  Weldon5 
•or  any  other  point  in  the  neighborhood  thereof,  so  as  to  connect 
with  the  Wilmington  and  Raleigh  Railroad  and  the  Seaboard 
-and  Roanoke  Railroad,  and  shall  expend  th-e  said  sum  ire 
forming  the  said  connection,  then  the  said  Raleigh  and  Gaston. 
Hailroad  shall  'be  extended  .to  the  said  town  of  Weldon   or 


.neighborhood  thereof,  and-  the  Public  Treasurer  is  authorized 
and  directed  to  subscribe  for  an  equal  sum  for,  and  in  behalf 
of  the  State."  .  By  virtue  of  this  provision  a  Railroad  was  con- 
structed from  a  point  oa  the  Raleigh  and  Gaston  Railroad  near 
Gaston,  to  Weldon,  which  when  accepted  and  received  by  the 
stockholders  of  the  Raleigh  and  Gaston  Railroad  Company, 
cost  the  price  of  $175,000,  which  constituted  an  addition  to 
the  Capital  Stock  of  said  Road  to  that  amount : 

That  the  said  Road  at  the  time  it  was  so  received  was  in  an 
incomplete  sta+e  ;  but  it  was  thought  better  to  accept  it  in  that 
state  than  to  have  it  completed  under  the  supervision  of  the- 
parties  then  entrusted  with  its  construction.  That  in  addition 
to  that  Road  it  was  found  absolutely  necessary  for  1he  interest 
of  the  Road  to  form  a  direct  connection  with  the  North  Carolina 
Railroad,  which  work  has  also  been  executed  and  completed 
by  said  Raleigh  and  Gaston  Railroad  Company  :  that  owing  to 
these  connections  and  the  improvement  in  the  construction  of 
the  Road,  the  business  increased  so  rapidly  as  to  require  a 
heavy  additional  outlay  in  the  purchase  of  the  Rolling  Stock 
required  for  the  transportation  of  passengers  and  produce  ; 
and  besides  this  a  considerable  sum  must  yet  be  expended  in 
the  construction  of  the  Shops  and  "Warehouses,  necessary  for 
the  business  of  the  Road — the  whole  of  which  will  cost  at  least 
$525,000  over  and  above  the  amount  of  Capital  authorized  by" 
the  Charter.  Of  this  sum  there  has  already  been  expended 
and  paid  out  oi  the  receipts  of  the  Company  the  sum  of 
$345,012  93,  besides  the  Bonds  for  $100,000,  which  are  to  be 
paid  by  said  Company,  and  a  large  portion  of  which  is  already 
raised  in  the  shape  of  a  Sinking  Fund ;  that  for  the  completion 
of  the  Shops  and  Warehouses  at  least  $80,000  will  still  be 
required,  which  it  is  likewise  proposed  to  pay  out  of  the  re-  ^J 
ceipts  of  the  Company  ;  and  it  is  also  thought  advisable  that 
the  Company  should  own  at  least  a  portion  of  the  slaves  we  ^% 
have  necessarily  employed  in  the  Shops  and  in  the  repairs  of  ~» 
the  Road.  As  the  whole  of  this  expenditure  is  expected  to  be 
met  by  the  Company,  out   of  monies  which  would  otherwise 


have  been  paid  to  the  State  and  individual  stockholders  in  the 
shape  of  dividends,  and  has  contributed  and  will  contribute  to 
increase  the  real  and  permanent  value  of  the  Road,  jour 
memorialists  respectfully  insist  that  it  should  properly  constitute 
a  portion  of  the  Capital  Slock  of  said  Company,  which  should 
be  apportioned  between  the  £tate  and  individual  stockholders, 
in  proportion  to  the  Stock  respectively  held  by  them  :  and  to 
that  end,  they  respectfully  ask  your  honorable  body  to  author- 
ize the  increase  of  the  Capital  of  this  Company  to  the  sum  of 
$1,500,000,  of  which  $125,000  shall  be  reserved  for  the  purchase 
of  Negro  slaves  for  the  use  of  t  e  Road  at  such  time  as  the 
President  and  Directory  may  think  proper,  and  the  residue  of 
the  increase,  say  $400,000,  shall  be  apportioned  among  the 
State  and  Stockholders  in  proportion  to  their  respective  interest. 

W.  J.  HAWKINS,         "I 

GEO.  W.  MORDECAI, 

T.  B.  VENABLE,  V  Committee. 

W.  R.  COX, 

J.  J.  DAVIS, 


UNIVERSITY  OF  N.C.  AT  CHAPEL  HILL 


00042071426 


FOR  USE  ONLY  IN 
THE  NORTH  CAROLINA  COLLECTION 


